Australia's CSL gains as Jefferies hikes price target after Alentis licensing deal
BUZZ-Australia's CSL gains as Jefferies hikes price target after Alentis licensing deal Updates
** Shares of Australia's CSL CSL.AX rise as much as 0.8% to A$178.340
** Jefferies raises price target to A$161.50 from A$146.50 after company licensed lixudebart, a Phase 2 anti-fibrotic antibody, from Swiss biotech Alentis Therapeutics
** Under deal, CSL to pay $355 million upfront, up to $1.2 billion in commercial milestones and fully fund development of asset
** Brokerage cuts FY27 EPS forecast for the Australian biotech giant by 0.1%, reflecting upfront payment and additional R&D spending
** Adds deal reflects CSL's strategy of expanding its pipeline through asset acquisitions, while efforts to re-energise its research function will likely take time
** Ten of 17 analysts rate the stock "buy" or higher, seven "hold"; their median PT is A$181.00, according to data compiled by LSEG
** Stock up 2.8% YTD, including session's moves
(Reporting by Roshan Thomas & Rajasik Mukherjee in Bengaluru)